Press Trust of India / Mumbai Sep 17, 2009, 21:46 IST
Capital market regulator Sebi, which selectively eased takeover regulations in February to help fraud-hit Satyam find a suitor, today invited suggestions from stakeholders for overhauling the norms.
In view of many prominent judgements by courts and clarifications issued by the regulator itself "a need has thus arisen to review and realign the Takeover Regulations... To ensure that they reflect the best practises adopted globally", the regulator said in a statement.
Sebi had in February eased the takeover norms, wherein it exempted the need for an open offer following a request from Satyam's board that was on a lookout for a suitor.
While the changes made in February were tailor-made to suit Satyam, which was hit by an accounting fraud, Sebi feels that it is time that the regulations are realigned.
The inputs or suggestions on the regulations would be reviewed by Takeover Regulations Advisory Committee and have to be sent to the committee by October 31, the regulator said.
Sebi said it has also issued various informal guidance and interpretative letters regarding various provisions of the regulations.
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